West Virginia HELOC Rates and Lenders

A home equity line of credit (HELOC) is a revolving line of credit that uses your home as collateral. Securing the best HELOC rates is essential because variable rates can fluctuate, leading to higher monthly payments and overall costs. 

Keep reading to discover the best online and local HELOC lenders in West Virginia, understand the differences between these lenders, and learn strategies to secure the lowest rates.

Best online HELOCs in West Virginia

Online lenders offer the same products as local banks but with a few added benefits. Because they have lower overhead costs, they may offer more competitive rates and fees than traditional lenders. The application process is streamlined and can be completed 100% online, leading to faster approval decisions and funding. 

Figure

Best overall

4.9 _/5

LendEDU Rating

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Why we picked it

Figure stands out as a top choice for HELOCs in West Virginia due to its streamlined online application process and fast funding times. Leveraging blockchain technology, Figure offers a unique digital experience that can approve and fund HELOCs within a few days, making it one of the fastest in the industry. This efficiency can appeal to homeowners in West Virginia looking to access their home equity as soon as possible.

Figure’s transparent fee structure and competitive fixed interest rates make it attractive. The company provides a clear breakdown of costs associated with its HELOCs, ensuring borrowers understand what they’re paying for. Its fixed rate provides predictability in payments, which can be beneficial in a fluctuating interest rate environment.

• Fixed interest rates
• No in-person appraisal is needed
• Option to redraw up to 100% of funds
• Funding can be available in as few as 5 days
• Check your rate without affecting your credit score

Loan details

Rates (APR)	6.55% – 15.54%
Loan amounts	$15,000 – $400,000
Draw period	5 years
Repayment term	5, 10, 15, or 30 years
Funding time	As few as 5 days
Properties	Primary home, second home, or investment property
Credit score	640

Bethpage FCU

Best credit union 

4.7 _/5

LendEDU Rating

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Why we picked it

Bethpage Federal Credit Union is a top pick for HELOCs in West Virginia due to its strong reputation for customer service and flexible loan options. As a credit union, Bethpage is member-focused, often providing lower fees and better rates compared to traditional banks. This customer-centric approach ensures that West Virginia homeowners get personalized service tailored to their financial situations.

Bethpage offers a variety of HELOC options with competitive interest rates and no application fees, which can save borrowers money upfront. The flexibility to choose between interest-only payments and fully amortizing payments provides borrowers with more control over their monthly expenses. The credit union’s commitment to financial education and support makes it a terrific choice for those who value a more personal touch in their financial dealings.

• No application, origination, or appraisal fees
• Convert part of your HELOC to a fixed-rate option
• 12-month fixed introductory rate for qualified borrowers
• $0 closing costs

Loan details

Rates (APR)	6.99% for 12 months, then variable
Loan amounts	$10,000 – $1 million
Draw period	10 years
Repayment term	5, 10, or 20 years
Funding time	36 – 70 days, on average
Properties	Primary homes, second homes, or condos
Credit score	670

LendingTree

Best marketplace

4.5 _/5

LendEDU Rating

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Why we picked it

LendingTree is an excellent choice for HELOCs in West Virginia due to its marketplace model, which allows borrowers to compare multiple offers from different lenders. This platform allows homeowners to shop around for the best rates and terms, ensuring they find a HELOC that fits their needs. The convenience of having multiple offers in one place can save time and help borrowers make more informed decisions.

LendingTree’s comprehensive tools and resources are also a significant advantage. The platform offers calculators, reviews, and educational content to help borrowers understand their options and make the best financial decisions. LendingTree’s extensive network of lenders increases the likelihood of finding favorable terms, even for those with less-than-perfect credit.

• Access to multiple offers from different lenders
• Convenient comparison shopping
• Extensive tools and educational resources
• Potential for competitive rates and terms
• Useful for borrowers with varying credit profiles

Loan details

Rates (APR)	Starting at 6.24%
Loan amounts	$10,000 – $2 million
Draw period	2 – 20 years
Repayment term	5 – 30 years
Funding time	Varies
Properties	Varies
Credit score	Varies, 620 advisable

Local HELOCs in West Virginia

When you work with a local bank instead of an online lender, you’re often trading convenience for more personalized service. This relationship can make it easier to resolve any issues that may arise; instead of talking to a nameless rep in a call center, you can speak with a representative at your local branch.

Company	Rates (APR)	Locations
West Virginia FCU	Not disclosed	Kanawha, Putnam, Cabell, Wayne, Lincoln, and Boone counties
Citizens Bank of West Virginia	Not disclosed	Branches in Parsons, Beverly, Snowshoe, Buckhannon, and New Martinsville
Community Bank	Not disclosed	Parkersburg and Vienna

When choosing a West Virginia HELOC lender, be sure to select one with a branch in your area. Not only will using a nearby branch save you time, but it can make it easier to complete the application process and submit all the necessary documentation. 

Take time to compare the loan terms offered by each bank. Pay particular attention to the lender’s maximum allowed loan-to–value ratio (LTV), which determines how much you can borrow.  

Interest rates are also important. Evaluate each bank’s offerings to find the most competitive rates. Lower interest rates reduce your monthly payment, leading to significant savings over the life of the HELOC. Don’t forget to compare draw periods, repayment periods, and additional fees to determine which option best meets your needs.

What’s the difference between online and local HELOCs in West Virginia? 

Deciding between a local or online HELOC comes down to your preferences. Would you rather save money on lower interest rates and get fast funds? Would you rather build an in-person relationship with your lender? 

Thanks to reduced overhead costs, online lenders may offer lower interest rates. Using an online lender also makes it easier to compare offers; you can often prequalify with just a soft credit check that won’t damage your credit. 

Online lenders can be more convenient than working with a local bank. You can complete an online HELOC application at any time of the day or night. The online lending process tends to be more streamlined than that of local lenders, so it takes less time to complete the application, get a loan decision, and get the funds.  

However, online lenders often fall short in the customer service department. Every time you call, you’re likely to get a different customer representative. Consider working with a HELOC lender in your area for personalized customer service and hands-on assistance with the application process.

How do West Virginia HELOC rates compare to other states? 

When you compare HELOC rates in West Virginia with those offered in other states, you’ll find that West Virginia offers competitive rates. This makes a HELOC an attractive option for West Virginia homeowners who want to borrow money at a lower interest rate compared to credit cards and unsecured loans.

How to get the lowest HELOC rates in West Virginia

To qualify for a HELOC with many lenders in West Virginia, you’ll need a FICO credit score of 680 or higher. You’ll also need a significant amount of equity in your home—at least 15% of your home’s value. Other requirements include proof of a stable income plus a debt-to-income ratio of 43% or lower. 

These qualifications also determine the interest rates your lender will offer. Here’s how:

• Credit score: Your credit score is one of the major factors determining your HELOC interest rate. To lenders, this score reflects how creditworthy you are; it indicates how likely you are to repay debts based on your credit history. 
• Home equity: The amount of equity you have in your home affects your loan-to-value ratio (LTV). Lenders use this metric to compare how much you want to borrow against the appraised value of your home. More equity equals a lower LTV, which reduces the lender’s risk—and your interest rates. 
• Income: Higher income levels and stable employment indicate to lenders that borrowers are better able to repay a loan. This lowers the risk of lending and allows financial institutions to offer more competitive interest rates.  
• Debt: The amount of debt you have compared to your income also affects your interest rates. This metric is called the debt-to-income ratio (DTI). A low DTI makes you more attractive as a borrower, which translates into lower interest rates. 

Beyond improving your creditworthiness, the best way to lock in a lower interest rate is to comparison shop. Gather quotes from multiple lenders to see what rates you’re eligible for. Check for introductory rates or autopay discounts to further reduce the cost of borrowing.  

You may even consider negotiating with HELOC lenders to secure a lower rate. For example, you could ask for a shorter draw period. Cutting your draw period from 10 to five years reduces the lender’s risk, which could convince it to reduce your interest rates.  

FAQ 

What credit score do you need for a West Virginia HELOC?

Many lenders in West Virginia require a minimum credit score of 680 to qualify for a HELOC. Lenders will also consider other factors such as income, debt-to-income ratio, and home equity when determining eligibility.

What are the typical fees for a West Virginia HELOC?

Typical fees for a West Virginia HELOC can include application fees, appraisal fees, annual fees, and closing costs. Application fees can range from $0 to $500. Appraisal fees typically range from $300 to $500. Some lenders may charge an annual fee of $50 to $75. Closing costs generally range from 2% to 5% of the loan amount. It’s important to compare lenders. Some may offer no-fee HELOCs or waive certain fees.

Are there any special programs or incentives for West Virginia HELOCs?

Specific state-sponsored programs for HELOCs in West Virginia may be limited, but some local credit unions and community banks offer special incentives or programs. These can include lower interest rates, reduced fees, or special terms for members. Some lenders may offer promotional rates or discounts for setting up automatic payments or bundling with other financial products. Check with local lenders for any available special programs or incentives.

What happens if I move to another state with a HELOC in West Virginia?

If you move to another state with a HELOC in West Virginia, the terms of your HELOC will remain the same, and you’ll continue to make payments as agreed. However, it’s important to inform your lender of your new address to ensure you receive all necessary correspondence. If your move affects your financial situation, it might be worth discussing your circumstances with your lender to see whether adjustments or modifications to your HELOC are possible.

How we picked the best West Virginia HELOCs

Since 2018, LendEDU has evaluated home equity companies to help readers find the best home equity loans and HELOCs. Our latest analysis reviewed 850 data points from 34 lenders and financial institutions, with 25 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of West Virginia HELOC rates and lenders